Hapur, Uttar Pradesh — Years after demonetization, the black market in old currency has not ended. Hapur Police and the district’s SWAT team have busted a gang that lured people through the Telegram app with promises of exchanging old ₹500 and ₹1000 notes.
According to officials, a total of ₹78.50 lakh worth of banned currency was recovered from the gang. Police said the network claimed to provide new notes in exchange for old ones, charging a commission of 3% to 10%.
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How the Operation Unfolded
Police received information that a large amount of old currency was stored in a warehouse on Chitauli Road in Hapur. Acting on the tip-off, Kotwali Police and the SWAT team raided the site and arrested six accused. From their possession, police seized old currency, six mobile phones, a pistol, and cartridges.
The arrested accused were identified as Narendra Kumar, Shafiq Ahmed, Mohd. Navi Karim, Shakir, Imran, and Riaz. Police believe the gang was active not only in Uttar Pradesh but also in neighbouring districts and states.
Digital Apps and False Promises
According to officials, the accused used encrypted messaging apps like Telegram to avoid being easily tracked. Customers were assured their old notes would soon be exchanged and returned, but in most cases, victims lost both their money and the notes.
Expert’s Warning
Cyber and financial crime expert Prof. Triveni Singh commented:
“This case shows that even years after demonetization, myths and greed around old notes continue to make people vulnerable to fraud. Criminals are using new technology and digital platforms to give illegal businesses a fresh face.”